UNIT 3 INTERESTS IN REAL ESTATE Flashcards
CONDEMNATION
The act of taking property for public use.
CC&R’s
Private agreements that run with the land.
Covenants, conditions, and restrictions.
DEED RESTRICTIONS
Clauses in a deed limiting the future use of a property.
EASEMENT
The right to use the land of another for a specific purpose.
EASEMENT APPURTENANT
Easement that is annexed to the property and runs with the land.
EASEMENT BY NECESSITY
Easements allowed by law to allow for ingress and egress of a property.
EASEMENT BY PRESCRIPTION
Acquired by open notorious, continuous, hostile and adverse use of property for a period prescribed by law.
EASEMENT IN GROSS
An individual or company interest in or right to use someone else’s land.
EMINENT DOMAIN
The government’s right to acquire private property for public use.
ENCROACHMENT
A building or some portion of it that extends beyond the land of the owner.
ENCUMBRANCE
Anything that may diminish the value or use and enjoyment of the property.
ESCHEAT
The passing of the property to the state due to lack of heirs.
ESTATE IN LAND
Interest in a property.
FEE SIMPLE
The highest interest in real estate recognized by law.
FEE SIMPLE ABSOLUTE
The highest possible ownership of real property.
